Emerging markets should put their own houses in order and stop blaming UK and US central banks for domestic economic problems, George Osborne has said in incendiary remarks before this weekend’s G20 summit in Sydney.

Countries such as India, Indonesia, Brazil, Turkey and South Africa — the “fragile five” — have come under intense pressure since the US Federal Reserve slowed its stimulus programme and foreign investors began to pull hot money back home. Some developing nations have retaliated after raising interest rates to choke off inflation as their currencies faced collapse.